The St. Louis County state senators says the Pay Day Loan industry should be regulated.
Archive for February, 2010
Sen. Rita Days on Pay Day Loans
February 24th, 2010
I have a question about loan Modifcation and your credit?
February 24th, 2010March of last year I lost my job through no fault of my own company went out of biz. I have a mortgage where my APR is 9%. In July I called Bank of America where I bank and ask about a refinance she said they cannot do one because one we owe 155k home is worth 120k and I am on unemployment. She did offer the making homes affordable program and switched me over to the loan modification dept. I talked to them and they took all of my income and expenses over the phone then they asked me to fax pay stubs, hardship letter, unemployment proff. they told me it will take 30-45 days to review the info. Did not hear anything from them and then I called on day 45 they said they are still reviewing it. I thought this was a wash, we have also made our payment on time every month. Then this last week Fed-ex showed up with an envelope with a one page letter from BoA letting us know what a trial payment will be our Original payment was 1600 trial payment is 1090 it also said in a few days you will get more details. Yesterday Nov 2 another package showed up from Fed ex this time a thicker package with a check list of more pay stubs, tax documents ect. This also had three cupons with a trial payment of 1077 one due Dec 1, Jan 1, Feb 1. I still have not paid anything for Nov yet. So i went online to make a Nov payment and it was blocked and said call #1866 as this account has a special curmenstance. I called them up talked to a rep they said you are now in a trial payment asked it they can set up an automatic payment for that I said sure they set it up to be drafted Dec 1st. I asked him about the Nov payment I have not made one yet he told me dont worry about it. I also asked about if this was going to hurt my credit score he told me there is no way shape or form it will hurt me credit score. Only way it will hurt your score if you dont pay your trial payment. I have been reading some people have been taking a hit on there credit even as they where told by there lender it will not. I recently got an offer from a credit card that gave me a 4.99% until balance is paid in full, they gave me a check to write out on my line of credit to my checking account this was 7k. I would hate for my loan company to put a late then my credit card would come back with the universal defuate clase and jack my APR up. Do you think they can disclose this in writting or record a conversation with them.
Any thoughts would be great.
Thanks
I have a big problem! Please help!?
February 24th, 2010Yesterday I paid off all of my credit card bills as I wanted to be rid of my debt. I have a pay day loan that I need to pay back but have defaulted on it (financial issues). In October 06, I closed my checking account do to fraudulent activity and reopened a new one however I failed to advise the pay day place as it was only October and I was getting my bonus in January so I would pay it back then. I received a call from a guy claiming to be from the Fraudulent Dept. and advised me that my name was being submited to a system called ETracks for fraudulent checks. He advised that if it is submitted to e-tracks, all of the local law enforcements will have my info and a warrant can be issued and i will be given a criminal record for fruadulent checks! I said why wouldn’t the company contact me when the debit was returned! Why would they keep submitting it to a closed account! He said if it’s not paid by tomorrow he will submit my name through etracks and get this, I have to pay him!
Continuation: He said that i can not make the payment through the company as it will not post on time. I think he’s a collection agency but the Etracks thing really scares me! I can’t risk having something like this on my criminal history. I’m a good Christian woman, I’m not a criminal! If I get a history, it would be so hard for me to get employment! I don’t understand why they would continue to make an ACH debit on a closed account without contacting me after it was returned. Has anyone ever heard of anything like this?? Can someone really be given a criminal history from a software. Wouldn’t they have to be arrested first?
I forgot to mention that because I paid off all of my credit cards, I’m short on funds and wont be paid until next week!
I just want to confirm that I “WILL NOT” be given a criminal history without first being arrested correct? That way, I can prove that I don’t write fraudulent checks and that I had my account closed for suspicious activity and also that the company never had any troubles getting the fees from be prior to October. If etracks will not give me a criminal record, I would atleast have a chance to settle this bill. I can’t even sleep or eat, I’m so worried. This is definitely a lesson learned. Oh get this, he said he called me to let me know what was going on as he sees that I do not have a criminal record. He said he usually does that for people without the record but anyone who has the record, he just submits to etracks.
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February 24th, 2010
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What should I do with my in-laws?
February 23rd, 2010For 5 years I’ve tried to have a good relationship with my in-laws. Things never get better with them though. My father-in-law sexually harassed me, and even upon my husband’s request to quit touching me inappropriately, he kept on doing it until I broke the new to his wife (my MIL). Besides these incidents that left me forever traumatized, FIL is demeaning and offensive to my husband regularly. My mother-in-law didn’t approve of my union with my husband and made that very clear from the moment we decided to move in together. I made efforts by doing them favors, visiting them (without my husband), buying them gifts, assisting them in their business…etc. We were going to purchase our first home, had saved for a down payment plus my parents were gonna match up everything we saved. My husband works for his parents but receives only 30% of his weekly pay in check form, the rest is in cash because my in-laws don’t want to pay taxes I guess. My husband works almost 90 hours a week. When we finally found the perfect house, MIL decided to go M.I.A. only to announce by the end of the day that she wasn’t gonna give us his full paycheck that the mortgage broker was requesting. Result: obviously we didn’t get approved for the loan. I haven’t spoken to my in-laws ever since. Last week my husband had a terrible toothache and had to go to the dentist and have a wisdom tooth removed, it was a long process. He’s very responsible and never misses work. His pay came with a deduction for the day he went to surgery! I thought that not only because these are his parents but also because he busts his butt there 90 hours a week, he can’t take a paid day for medical purposes?
I have no future plans of ever holding a caring and loving relationship with my in-laws. My husband agrees with me because he has witnessed all that has been done(The story has many more unfortunate incidents, too long). What do you think?
Thank you all for your advice! We are a young couple, married for almost 4 years, and we have been making financial progress despite this huge problem. We’re learning the “tricks of the trade” slowly as my family lives in another country and his family isn’t helpful. Thanks again!
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